I'm trying to build a model on loan delinquency status (having 6 states) and transitions over a time period of one month. I want to use a Markov model to predict transition probabilities and also want to add covariates to the probabilities. But i'm not sure if using 'msm' package would serve the purpose. My model would be in discrete time and discrete state space. Any thoughts or recommendations for other models are appreciated!
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